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Home Selling in Rotonda West : Real Estate Advice

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  • Home Buying26
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Activity 4
Wed Jul 3, 2013
Tammy Hayes answered:
There are quite a few builders that build in Rotonda. Go to the Charlotte DeSoto Building Industry Association and use the directory. There are some builders listed there with their contact information.
Here is their web site: http://cdbia.com/

Tammy Hayes, Realtor
RE/MAX Palm Realty
941-276-6185
tammyhayesre@gmail.com
http://www.tammyhayes.remax-florida.com/
... more
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Mon Jul 2, 2012
Nancy Hughes answered:
We had an offer in on a short sale & 4 mos. later were told the bank had negotiated with the seller to refi the mortgage, so we were out of luck. And we had done TONS of paperwork.
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Thu Jun 14, 2012
Yukonjack answered:
I walk away from 1-house allready...Suntrust mortgage...My second home is own by Suntrust...I want to short sale to my neirbor who has the cash...because I have a 7.5 intest rate with Suntrust...Will they do a short sale for me and my neirbor would rent it back to me...Will this work...Brad ... more
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Sun Jan 17, 2010
Jason Stevens answered:
A short sale is never an easy thing for any owner but in some cases it is the right thing to try and accomplish. It does have a negative impact on your credit but not as much as a foreclosure. I've gotten this response from many lenders and mortgage brokers who qualify potential buyers. Far as offering your vacant lot as collateral for the second mortgage, my suggestion at this point would be no. I would engage the lenders with a straight short sale as this point. Depending on how much the NET proceeds will be from the sale of the property will determine how much you money you have to negotiate with both lenders. You owe $275K on the first so that means your second is for $70k. Should you be able to NET say $230,000 on the sale of the property then you are short on BOTH mortgages and therefor will need to request a short sale with both. So I would try and negotiate say giving the first lien holder $200,000 and the second lien holder gets $30,000 or something similar. This way the first lender is geting about 72% of what is owed to them and the second lien holder about 49%. I have had successful Short Sales closings where the lenders got much less than these percentages. I have also seen first lien holders only give a certain percentage of the proceeds to a junior lien holder as well, so anything can happen. Now both lien holders obviously has the right to say no but the short term goal would be to get the first lender to approve the short sale at $200,000. This way it gives us better negotiating power towards the second lender as if the property goes to foreclosure and eventually sells for less than the $345K or less than the $250,00 for that matter the second lender has a chance of getting nothing. So chances are they would be happy recouping 49% vs. nothing. If for some reason the second lender still wanted a little more than the $30,000 it's at that point you might consider offering the second lot by way of quit claim deed or offering to take out a promissinary note on a percentage of the shortfall with the lot as collateral. Of course all of these figures would change if you in fact couldn't get $250,000 for the house. The fact of the matter is without a buyer there can be no Short Sale. So you would have to price aggressively and as long as we contracted within a certain percentage of what the you lenders receive in market value by way of a BPO or appraisal we should be successful making the Short Sale happen. You can contact me directly at anytime at jasonstevens@embarqmail.com or on my cell at 941-662-0379. I live here in town and know Englewood/Rotonda/Port Charlotte very well. Thanks ... more
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